MakersPlace Review

Are you on the hunt for a unique and curated NFT marketplace? In that case, this MakersPlace review has got you covered. In a market dominated by NFT platforms offered by Kraken, Binance, and others, MakersPlace might be just what you're looking for, as it offers a distinctive and exclusive experience. 

Different from other platforms that are open to all sellers, MakersPlace follows an invite-only model, ensuring a carefully chosen community. In addition, the platform's Editorial pages provide valuable resources, tips, and guides for artists and collectors. With a focus on quality and community, MakersPlace has carved out a niche in the NFT world.

Curious to learn more about MakersPlace? Join me as I delve into the world of digital artworks in this in-depth MakersPlace NFT review, where I'll explore the platform's features, benefits, and how it compares to other popular NFT marketplaces.

Verdict at a glance: MakersPlace stands out as a premier NFT marketplace known for its curated selection of high-quality digital art. The platform's Art Monitoring Service also provides creators peace of mind by proactively detecting copyright infringements. While MakersPlace offers a unique and exclusive experience, its invite-only approach can limit accessibility for some.

What is MakersPlace?

Before we step foot into this NFT gallery, let's set the stage for my MakersPlace review. Founded in 2016, MakersPlace is a curated NFT marketplace that has been a trailblazer in the digital art scene.

Based in San Francisco, MakersPlace operates like an exclusive art gallery. The team behind the platform carefully selects the artists they work with, inviting only a few new creators each month. This limited access adds to the prestige of NFTs listed on the platform.

With a diverse team of builders and creators from renowned companies like Pinterest, Dropbox, Sotheby's, and Nike, the MakersPlace NFT marketplace is built on the Ethereum blockchain. It utilizes smart contracts to keep digital artworks authentic and secure, giving creators and collectors peace of mind. Plus, the platform supports ERC-721 tokens—the NFT contract standard on Ethereum—ensuring every piece is reliable and verifiable.

MakersPlace NFT's mission is to empower digital artwork creators and foster a sustainable future for digital creativity. Backed by notable investors like Coinbase Ventures and Sony Music, MakersPlace has established itself as a prominent player in the NFT space with a community of over 100,000 collectors.

This artistic platform features a diverse range of NFTs, categorized into four main sections: drops, collections, auctions, and popular NFTs. You'll find a variety of genres, including 3D art, AI, animation, generative art, illustration, photography, and unlockables (I'll explain more about these later).

What's more, MakerPlace bridges the gap between Web3 and traditional art. How so? They often host exhibitions of physical artwork featuring pieces embedded with Tokenized Records for Artwork Certification and Evolution (T.R.A.C.E.) chips.

Those said chips are linked to digital certificates of authenticity on the blockchain. By incorporating blockchain technology into physical artworks, MakersPlace is pioneering a new art certification and documentation standard.

Armed with this understanding, let's dive deeper into this MakersPlace review.

MakersPlace Review: PROS

Let's now turn our attention to the platform's strengths and how it has become a popular choice for artists and collectors alike. These are the features I want to highlight as solid points in this MakersPlace review:

A Platform Built by Art Enthusiasts

MakersPlace's dedication to art is evident in every aspect of its platform, from the carefully curated NFT selections to its vibrant community of like-minded individuals.

For starters, the platform's passion for art is reflected in MakersPlace's sleek and minimalist website design, echoing the aesthetics of a traditional art gallery. I'll explain more why the platform's User Interface (UI) is one major pro worthy of inclusion in this MakersPlace review, elevating the user's experience (UX) with every element.

Adding more oomph, the uncluttered webpage features a predominantly white background, allowing the artwork to take center stage. Resembling the white walls in a traditional art gallery, MakersPlace lets you experience art in its purest form while stimulating a free-from-distractions atmosphere.

Beyond its primary function as an NFT marketplace, MakersPlace offers a wealth of resources for art enthusiasts. The platform's Editorial subdomain provides insightful tips, guides, and articles on various art-related topics.

Additionally, MakersPlace's podcasts offer engaging interviews and discussions on various topics related to art and technology. You can listen to them on popular platforms like YouTube, Spotify, and iHeartRadio.

Further, the transcripts of the podcasts are also accessible on the Editorial subdomain, providing a convenient way for users to consume content at their own pace.

For art enthusiasts who appreciate a curated and immersive experience, MakersPlace's dedication to both digital and physical art is a significant advantage. It is clear that MakersPlace NFT's commitment to providing educational resources and fostering a community of like-minded individuals further enhances its appeal.

Copyright Protection Through the Art Monitoring Service

Trademark infringement has been a big issue in the art space, and unfortunately, NFT isn't left out. In January 2024, a court case in Spain highlighted the importance of protecting artists' rights in the NFT space. The multinational fashion group Mango was found guilty of copyright infringement for creating NFTs from several paintings without the artists' consent.

Thankfully, MakersPlace's Art Monitoring Service can help prevent similar cases by proactively detecting and addressing unauthorized copies of NFTs. In a field where counterfeit artworks run rampant and harm artists' revenue^[1], addressing copyright issues with preventive measures highlights MakersPlace's position as a serious NFT platform.

MakersPlace's monitoring service uses cutting-edge technology to scan major Web3 marketplaces for unauthorized copies. Doing so helps maintain the integrity of the art market and ensures that creators are fairly compensated for their work.

So, instead of doing all the checks yourself and leaving things out in the open, MakersPlace provides two tiers with its Art Monitoring Service:

• MakersPlace Drop Scan. MakersPlace will monitor all upcoming drops on the platform. The scan will take place a week before and two weeks after the drop.
• MakersPlace Global Scan. MakersPlace will scan all the portfolios you publicize, even those outside the platform, on a quarterly basis.

You may be wondering what happens when an artwork has been identified as a counterfeit. Fret not - leave the work to the police at MakersPlace - they're not reluctant to takedown any request or fake art swiftly. MakersPlace even conducted a case study to prove how 90% of their takedowns only took minutes to roll out.

Collectors can also rest easy knowing that their purchases are authentic. By safeguarding creators' rights, MakersPlace helps ensure that the NFT market remains a trustworthy place for everyone.

Tailored Assistance Through the Exclusive Concierge Program

New collectors who may feel overwhelmed by the NFT market will find MakersPlace's Concierge Program particularly helpful. This program is a premium service designed for discerning collectors and art advisors. It offers a personalized and hassle-free journey through the digital art world.

The Concierge Program provides a range of exclusive perks, including private sales, escrow services, proxy bidding, and personal shopping. Such services are well-suited for collectors seeking rare or highly sought-after NFTs.

One of the key advantages of the program is the personalized attention it provides. Curators and digital art experts will work closely with clients to understand their preferences and goals. This level of personalization helps collectors efficiently find and acquire the artworks that resonate with them.

If you're a collector who values privacy, you'll be delighted to find in this MakersPlace NFT review that the Concierge Program also provides a discreet and confidential service. Their team can negotiate to secure private sales and purchase artwork on your behalf, ensuring the collector remains anonymous throughout the transaction.

In addition to personalized assistance, the Concierge Program also offers access to exclusive previews and opportunities to discover emerging artists. This can be a valuable resource for collectors looking to expand their horizons and invest in up-and-coming talent.

Collectors interested in joining the Concierge Program can submit an application on the MakersPlace website. The team will then reach out within 3-5 business days to schedule an introductory meeting and discuss your specific needs and preferences. Art advisors can also apply by emailing the MakersPlace team directly to schedule a meeting.

Easy NFT Buying With Safebox

As noted in many MakersPlace reviews, one of the platform's standout features is its Safebox. Launched in December 2022, Safebox is a secure vault where you can store your digital art treasures.

One of the most convenient aspects of Safebox is its support for credit card payments. As a result, you can purchase NFTs without the hassle of setting up a crypto wallet. It's like being able to buy a piece of art at a gallery without needing to open a bank account.

Furthermore, with Safebox, users can focus on discovering and acquiring the NFTs they love without the added complexity. Safebox also provides you with full control over your NFTs. While your NFTs are stored in Safebox, you can sell or transfer them anytime.

In the landscape of NFT marketplaces, providing flexibility with payment methods is a big plus to cater to a broader audience. As one of the features I highlighted in this MakersPlace review, Safebox is a prime example of this advantage.

Innovative Phygital Experiences

MakersPlace is revolutionizing the NFT landscape by introducing a seamless process for unlocking and redeeming physical components associated with NFTs. Through a partnership with Aioray, MakersPlace is now providing "unlockables", a new category of physical-digital (phygital) offerings that integrate NFTs with physical components.

Creators can now take their creations to the next level by adding physical counterparts to their NFTs. With unlockables, creators can merchandise physical creations, such as 3D creations, art, music, and other tangible items.

Previously, unlocking physical components and facilitating shipping was a real challenge for creators, especially when dealing with anonymous collectors buying in crypto. However, Mathias Heide, the CEO of Aioray, points out that their collaboration with MakersPlace has made things much more straightforward.

Now, creators have everything they need in one place—from phygital stores to product authentication and smooth shipping logistics. With this new integrated approach, creators can kick back and relax as they focus on creating exceptional phygital experiences.

A prime example of unlockables in action is the collaboration between Asprey and Bugatti. The duo created a one-of-a-kind sculpture of Bugatti's La Voiture Noire hypersports car, accompanied by its artwork and NFT.

Bugatti's NFT, linked to the physical sculpture, features a QR code and unique serial identifier, giving the buyer the option to purchase an additional Noire version sculpture for an extra cost. The project highlights the extraordinary demand for phygital offerings, as evidenced by the instant sell-out of the 261 more miniature sterling silver sculptures in the Bugatti Asprey collection, each paired with its own NFT.

From Bugatti's project to many more examples on the platform, MakersPlace's commitment to supporting innovative creators and providing a seamless experience for collectors is prevalent, even more so with its groundbreaking development.

Variety of NFT Editions

MakersPlace presents a captivating spectrum of NFT Editions, each distinguished by its own peculiar attributes and intrinsic worth. Grasping the nuances of those editions is imperative for both creators and collectors alike.

The wide variety of NFT Editions available on the marketplace is a major advantage. Whether you're after rare, exclusive pieces or more affordable options, there's something to fit every taste and budget. For creators, offering a variety of NFT Editions is like having a buffet of options. They can experiment with different pricing strategies to reach a diverse audience, like casting a wide net.

Moreover, creating a sense of urgency and exclusivity feels like adding a dash of spice to the dish for NFT creators. It's a great way to make their NFTs more valuable and attractive, turning them into hot commodities on the market.

Here's a breakdown of the different NFT Editions available on MakersPlace:

• 1/1. These are one-of-a-kind NFTs that can only be owned by one person at a time. They typically come at the highest prices.
• 1/~10.  A rare digital creation with a limited edition of 10. While valuable, they generally sell for less than 1/1 editions.
• 1/100. A limited edition NFT that many collectors can still own. These are more affordable than 1/1 or 1/~10 editions.
• Open Edition. NFTs with no predetermined edition size. Collectors can mint them during a specified time window. Open editions often have lower prices due to their uncertain edition size and lack of speculative interest. Note that these NFTs may take 24-48 hours to appear in your wallet after purchase.
• Original Mint. An NFT that the original creator still owns. This is considered a primary market purchase.
• Secondary Market NFT. Once an NFT is minted, it can be bought or sold on the secondary market.

If you're a creator, make sure to adopt the relevant NFT edition to increase your exposure. Once your visibility has increased, your artwork will gain recognition from many collectors.

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MakersPlace Review: CONS

Despite the many strengths mentioned in this MakersPlace review, the platform is not without its shortcomings. Let's explore these limitations in more detail.

Artist Launchpad No Longer Available

MakersPlace's commitment to fostering artistic growth is evident in its past initiatives, such as the Artist Launchpad program.

What was it, exactly? The Artist Launchpad program used to be a valuable initiative that provided participants with workshops, mentorship, and classes to help them develop their skills and reach a wider audience. The program also featured exclusive interviews with top artists, collectors, and industry experts.

While the program concluded in June 2023, its continued presence on the website's main area might be confusing for new visitors. The "Apply Now" button is no longer functional, and it's also unclear if MakersPlace plans to revive the program.

Some users may be disappointed to learn that the Artist Launchpad program is no longer active. Even though MakersPlace may want to highlight its past successes, I personally think outdated pages on the website footer could create a negative user experience.

High Barriers to the Creator Program

As discussed in user MakersPlace NFT reviews, this platform's invite-only policy can be seen as a limitation for some users. While this exclusivity can contribute to the platform's prestige, it also means that not everyone can become a seller.

For creators looking to quickly sell their NFTs, the invite-only system may be inconvenient. The acceptance process occurs on a rolling basis on the 30th of each month, meaning that there can be a delay between applying and being approved. Such a lengthy recruitment ordeal might not be ideal for those needing to urgently sell their NFTs.

Additionally, there is always the possibility of being rejected from the MakersPlace's Creator program. While the platform does not disclose the exact criteria for acceptance, it's essential to be aware that not all applications will be successful.

So, if you're looking for a marketplace that allows immediate sales and open enrollment, you may need to explore other options, such as OpenSea or the Binance NFT marketplace.

MakersPlace Fees and Pricing

Fees and pricing are key aspects of any MakersPlace review. The platform offers a competitive fee structure, but understanding the costs involved is crucial for making informed decisions.

Like many other NFT marketplaces, MakersPlace charges a commission on sales. Typically, this commission is allocated at 15% for primary sales, which occur when an artist initially mints and sells their NFT.

For secondary market sales, where the NFT is resold from one collector to another, MakersPlace withholds 12.5% of each sale. However, verified third-party artworks sold on the platform enjoy a lower commission fee of 0.5%, along with project-specific royalties.

What's more, there are gas fees associated with transactions on the Ethereum blockchain. These fees can vary depending on network congestion and the complexity of the transaction^[2]. Generally, you can expect gas fees to range from $3 to $15.

MakersPlace historically paid gas fees for certain actions like creation, setting prices, and sending artwork. However, due to the recent high demand on the blockchain, such fees are now typically paid by the artist or collector.

It's also important to note that while MakersPlace offers the convenience of credit card payments, there may be 2.9% credit card processing fees if you choose to pay with credit. The fees are charged by Stripe, MakersPlace's supported payment processing provider.

How to Use MakersPlace

Now that I've detailed the key considerations when choosing an NFT marketplace in this MakersPlace review, let's delve into how to get started with the platform.

How to Buy NFTs on MakersPlace

No need to worry if you're a first-time NFT buyer. Buying digital artwork on MakersPlace is a straightforward process. Let me show you through the steps below, using the Coinbase wallet as an example.

Step 1: Start by clicking the profile icon at the top right of the website. Then, log in using one of the available methods.

Step 2: Browse the marketplace to discover the digital asset you want to purchase. You can either buy an NFT directly or make an offer.

Step 3: Select your payment method and provide the necessary information. The transaction may take some time to process, especially if you're using a credit card.

Step 4: After submitting your payment, confirm the transaction and pay any associated gas fees.

Step 5: Once the transaction is complete, your newly acquired NFT should appear in your collectibles section shortly.

There you have it! You've successfully learned how to buy NFTs on MakersPlace and start your journey.

How to Sell NFTs on MakersPlace

As a MakersPlace user, you have the opportunity to not only buy NFTs but also sell your own. So, continuing this MakersPlace review, let's go into the steps of selling artwork on this platform.

Step 1: To start selling on MakersPlace, you'll need an invitation. For that, fill out the invitation request form available on the Creators page.

Step 2: Once you've accepted the invitation, you can begin minting your NFT on the MakersPlace platform. Be sure to provide an in-depth description of your artwork. You can include info regarding its inspiration, creation process, and any relevant backstory. These details will help attract potential buyers who appreciate the stories behind the art they collect.

Step 3: If you have a specific price in mind for your NFT, set it as the instant sale price. Buyers can then purchase your NFT directly at this predetermined price. 

Alternatively, potential buyers can submit offers for your NFT. As the creator, you have the flexibility to accept or decline those offers. You can also list your NFT without a set price, indicating that you're open to offers.

Or, you can create an auction that lasts at least 10 hours and set a reserve price. Buyers can place bids throughout the auction period. If a bid is made within the last 15 minutes, the auction timer will be reset to 15 minutes.

Step 4: To increase visibility and generate interest, actively promote your NFT on social media platforms like Instagram and X.

So that's how you can become a creator on MakersPlace and showcase your digital creations. By boosting your NFT with a well-crafted listing and active promotion, you're well on your way to selling your digital art piece on MakersPlace.

Conclusion

All in all, during my exploration when writing this MakersPlace review, I found that the platform distinguishes itself in the NFT market with its curated selection of high-quality digital art. Unlike more open marketplaces like Kraken or Binance NFT, this platform takes an exclusive approach, ensuring a more refined experience.

To help new collectors get started, MakersPlace offers a Concierge Program—a premium service that provides personalized guidance and support, making it easier to navigate the digital art space. Additionally, the platform's Art Monitoring Service actively scans for copyright issues to ensure that creators' work remains protected.

While MakersPlace's exclusivity and quality focus are definite strengths, the invite-only model can be a barrier for some users. Also, the discontinuation of the Art Launchpad Program is a bit of a disappointment, especially for artists who are excited to upskill themselves.

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Scientific References

1. J. Wilson: ‘Copyright in the Age of NFTs and Digital Art’;

2. M. Sharko: ‘Optimizing Gas Costs in NFT Marketplaces’.